Nikada
Japan (NKY:IND) markets were closed as the country assessed the fallout from a major earthquake that struck its central region on New Year’s Day. Japanese markets are scheduled to reopen on January 4.
China’s market (SHCOMP) experienced a -0.20% decline. Official data over the weekend highlighted a contraction in the mainland’s factory activity, the most substantial in 6 months, while the service sector marked its 12th consecutive month of growth.
On the other hand, private survey data showed an unexpected acceleration in the country’s manufacturing sector growth. In his New Year speech, Chinese President Xi Jinping acknowledged the hardships endured by citizens and companies in 2023 and vowed to bolster economic momentum and job creation.
In Hong Kong (HSI), the market saw a -1.72% decrease. Meanwhile, in India (SENSEX), the market experienced a -0.75% decline. However, Australia (AS51) saw a +0.49% increase. The Judo Bank Australia Manufacturing PMI for December 2023 was revised lower to 47.6 from a preliminary estimate of 47.8.
On the preceding Friday, all three major indexes in the U.S. ended in the red as investors continued to appraise the Federal Reserve monetary policy outlook, considering moderating price pressures and weaker growth indicators. U.S. stock futures held steady on Tuesday, with the market endeavoring to maintain gains following a surprisingly robust 2023: Dow +0.22%, S&P 500 +0.18%, and Nasdaq +0.04%.
Traders are now looking ahead to key U.S. data this week, including jobs openings and nonfarm payrolls, as well as the minutes from the Fed’s December meeting. Additionally, investors are less certain about whether the European Central Bank and the Bank of England will swiftly implement cuts to borrowing costs, as both central banks have maintained a higher-for-longer stance on rates. Furthermore, the Bank of Japan is facing mounting pressure to halt its negative rates policy.
Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).
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